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Economy of Madagascar vs Yemen compared: GDP & Debt

Updated on by Georank team

Madagascar has a GDP of $17.4B compared to $21.6B for Yemen, ranking 136/197 and 125/197 by economy size, respectively.

Madagascar has $8.77B in government debt (50.3% of GDP), compared to $18.8B (70.9% of GDP) in Yemen.

Madagascar vs Yemen GDP by year

Madagascar
Yemen
1x
Year GDP, current $
Madagascar Yemen
2024 $17,420,501,490 -
2023 $15,869,945,478 -
2022 $15,325,603,273 -
2021 $14,354,731,964 -
2020 $13,051,441,204 -
2019 $14,104,664,679 -
2018 $13,760,033,282 $21,606,160,663
2017 $13,176,313,594 $26,842,229,045
2016 $11,848,613,858 $31,317,825,274
2015 $11,323,020,701 $42,444,490,074
2014 $12,522,957,399 $43,228,585,321
2013 $12,423,555,455 $40,415,233,436
2012 $11,578,975,062 $35,401,331,610
2011 $11,551,819,618 $32,726,417,878
2010 $9,982,711,338 $30,906,749,533
2009 $9,616,879,409 $25,130,278,213
2008 $10,725,137,724 $26,910,855,807
2007 $8,524,620,890 $21,650,528,674
2006 $6,395,712,491 $19,063,143,370
2005 $5,859,269,753 $16,731,566,717
2004 $5,064,732,626 $13,867,634,371
2003 $6,372,498,890 $11,777,532,662
2002 $5,351,701,663 $10,693,430,511
2001 $5,438,332,602 $9,852,990,693
2000 $4,629,247,204 $9,679,316,770
1999 $4,277,903,780 $7,639,325,296
1998 $4,401,967,633 $6,322,175,566
1997 $4,262,965,420 $6,838,298,531
1996 $4,931,861,039 $6,496,163,616
1995 $3,838,100,904 $12,796,345,679
1994 $3,522,227,092 $28,019,483,764
1993 $4,063,298,919 $21,736,802,664
1992 $3,714,966,678 $17,959,367,194
1991 $3,254,713,056 $14,665,445,462
1990 $3,931,334,875 $12,643,821,569
1989 $3,175,638,333 -
1988 $3,189,456,965 -
1987 $3,212,900,556 -
1986 $4,347,989,788 -
1985 $3,802,557,895 -
1984 $3,905,938,481 -
1983 $4,686,457,031 -
1982 $4,784,977,326 -
1981 $4,759,333,998 -
1980 $5,201,818,348 -
1979 $3,463,565,854 -
1978 $2,669,755,115 -
1977 $2,358,930,406 -
1976 $2,181,844,179 -
1975 $2,283,049,215 -
1974 $1,917,508,190 -
1973 $1,653,062,335 -
1972 $1,341,590,690 -
1971 $1,199,507,631 -
1970 $1,111,859,571 -
1969 $1,056,391,056 -
1968 $1,031,669,637 -
1967 $956,436,932 -
1966 $900,264,585 -
1965 $833,563,473 -
1964 $802,482,184 -
1963 $759,345,864 -
1962 $739,286,908 -
1961 $699,161,945 -
1960 $673,081,725 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/madagascar/yemen | CC BY

GDP per capita in Madagascar vs Yemen by year

Madagascar
GDP per capita

GDP per capita, PPP
Yemen
GDP per capita

GDP per capita, PPP
1x
Year Current $
Madagascar Yemen
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $545 $1,884 - -
2023 $509 $1,808 - -
2022 $504 $1,717 - -
2021 $483 $1,577 - -
2020 $451 $1,490 - -
2019 $500 $1,612 - -
2018 $500 $1,547 $634 -
2017 $492 $1,547 $811 -
2016 $454 $1,562 $975 -
2015 $445 $1,497 $1,362 -
2014 $506 $1,499 $1,430 -
2013 $515 $1,473 $1,379 $3,164
2012 $494 $1,464 $1,245 $3,005
2011 $506 $1,475 $1,186 $3,113
2010 $450 $1,464 $1,155 $3,603
2009 $446 $1,480 $969 $3,411
2008 $513 $1,577 $1,072 $3,370
2007 $420 $1,493 $890 $3,294
2006 $324 $1,416 $810 $3,205
2005 $306 $1,343 $734 $3,113
2004 $272.2 $1,280 $628 $2,949
2003 $353 $1,219 $549 $2,844
2002 $305 $1,121 $513 $2,768
2001 $319 $1,299 $487 $2,702
2000 $280.3 $1,236 $493 $2,624
1999 $267.4 $1,194 $401 $2,492
1998 $284.2 $1,162 $343 $2,442
1997 $284.4 $1,142 $383 $2,351
1996 $340 $1,119 $375 $2,268
1995 $273.1 $1,111 $764 $2,201
1994 $258.7 $1,104 $1,735 $2,115
1993 $308 $1,116 $1,397 $2,013
1992 $290.2 $1,101 $1,198 $1,963
1991 $262 $1,096 $1,016 $1,843
1990 $326 $1,166 $910 $1,742
1989 $271.3 - - -
1988 $280.5 - - -
1987 $290.8 - - -
1986 $405 - - -
1985 $364 - - -
1984 $385 - - -
1983 $476 - - -
1982 $501 - - -
1981 $513 - - -
1980 $578 - - -
1979 $396 - - -
1978 $315 - - -
1977 $286.9 - - -
1976 $273.5 - - -
1975 $295 - - -
1974 $255.3 - - -
1973 $226.8 - - -
1972 $189.6 - - -
1971 $174.6 - - -
1970 $166.6 - - -
1969 $162.9 - - -
1968 $163.6 - - -
1967 $155.9 - - -
1966 $150.7 - - -
1965 $143.2 - - -
1964 $141.5 - - -
1963 $137.4 - - -
1962 $137.3 - - -
1961 $133.3 - - -
1960 $131.7 - - -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/madagascar/yemen | CC BY

Madagascar's GDP per capita is $545, ranking 193/197, compared to $634 in Yemen, ranking 191/197. Adjusted for purchasing power (GDP per capita PPP), Madagascar ranks 187th at $1,884, while Yemen ranks 178th at $3,164.

Economic indicators

Madagascar Yemen
Gross domestic product
$17.4B
2024
$21.6B
2018
GDP rank
136/197
2024
125/197
2018
GDP growth
4.2%
2023-2024
0.75%
2017-2018
GDP per capita
$545
2024
$634
2018
GDP per capita rank
193/197
2024
191/197
2018
GDP per capita, PPP
$1,884
2024
$3,164
2013
GDP per capita PPP rank
187/197
2024
178/197
2013
Government debt
$8.77B
2024
$18.8B
2018
Debt-to-GDP ratio
50.3%
2024
70.9%
2024
Government debt per person
$274.3
2024
$551
2018
Government debt per person rank
180/185
2024
165/185
2018
Average annual personal income after taxes
$1,268
2026
$1,127
2026
Income share by richest 10%
29.6%
2021
29.4%
2014
Income share by poorest 10%
2.9%
2021
3%
2014
Government expenditure, % of GDP
16.2%
2024
8.91%
2024
Consumer prices inflation
9.87%
2022-2023
33.9%
2023-2024
Unemployment rate
3.19%
2022
13.5%
2014
Population
33750171
43325643

Spending and national debt comparison by year

Madagascar
Spending

Debt
Yemen
Spending

Debt
1x
Year % of GDP
Madagascar Yemen
Government spending Government debt Government spending Government debt
2024 16.2% 50.3% 8.91% 70.9%
2023 17.9% 52.7% 11.8% 77.9%
2022 16.2% 49.9% 12.2% 65.3%
2021 13.9% 49.4% 8.22% 75.9%
2020 16.4% 52.9% 10.6% 87%
2019 15.4% 41.3% 13.2% 91.5%
2018 14.4% 42.9% 14.3% 86.9%
2017 14.9% 40.1% 8.39% 83.8%
2016 13.5% 40.3% 16.1% 76.5%
2015 13% 44.1% 19.4% 57.7%
2014 12.6% 37.8% 27.8% 48.9%
2013 12.7% 36.2% 30.8% 48.4%
2012 11.5% 30.4% 36.2% 47.6%
2011 12% 29.9% 29.8% 45.7%
2010 12.3% 32.3% 30.2% 42.4%
2009 12.5% 34.9% 35.2% 49.8%
2008 15.7% 31% 41.2% 36.4%
2007 16.1% 28.2% 40.3% 40.4%
2006 18.5% 32.2% 37.4% 40.8%
2005 18.4% 74.4% 36.8% 43.8%
2004 21.7% 81.9% 34.2% 52.1%
2003 16.6% 85.9% 35.3% 56.8%
2002 12.4% 86.7% 30.8% 57.8%
2001 15.3% 82.1% 30.5% 60.6%
2000 15.3% 90.2% 31.7% 60.8%
1999 15.5% 104.1% 28.2% 96.1%
1998 16.9% 108.5% 34.3% 110.6%
1997 14.5% 89.7% 34.2% 74.2%
1996 14.4% 98.7% 30.7% 114.9%
1995 14.5% 95.8% 24.1% 84.1%
1994 16.7% 96% 25.2% 73.3%
1993 17.1% 105.2% 25.8% 76.7%
1992 16.2% 110.9% 24.6% 78%
1991 13.5% 113.8% 24.7% 82.7%
1990 13.3% 92.7% 26.6% 91.6%
1989 15.5% 122% - -
1988 11.4% 126.6% - -
1987 10.4% 127.5% - -
1986 11.1% 84.9% - -
1985 11.8% 82.7% - -
1984 13.9% 70.9% - -
1983 13.4% 57.5% - -
1982 14.3% 56.1% - -
1981 18.2% 51.5% - -
1980 22.7% 37.7% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1998, retrieved 2026-02-20).

GeoRank.org/economy/madagascar/yemen | CC BY

In 2024, Madagascar's government spending was $2.82B, accounting for 16.2% of its GDP, while Yemen spent $3.08B, or 8.91% of GDP.

Debt-to-GDP ratio is 50.3% in Madagascar and 70.9% in Yemen, ranking 106/185 and 55/185, respectively.

Government deficit by year

Deficit/surplus
Madagascar

Yemen
1x
Year Deficit/surplus, % of GDP
Madagascar Yemen
2024 -2.48% -2.48%
2023 -4.19% -5.63%
2022 -5.46% -2.15%
2021 -2.83% -0.89%
2020 -3.96% -4.3%
2019 -1.42% -5.89%
2018 -1.34% -7.85%
2017 -2.1% -4.9%
2016 -1.11% -8.51%
2015 -2.85% -8.75%
2014 -1.96% -4.14%
2013 -3.4% -6.9%
2012 -2.24% -6.32%
2011 -2.04% -4.51%
2010 -0.76% -4.06%
2009 -2.26% -10.2%
2008 -1.72% -4.53%
2007 -2.31% -7.18%
2006 -5.71% 1.19%
2005 -2.47% -1.82%
2004 -4.23% -2.15%
2003 -3.32% -4.2%
2002 -4.09% -0.56%
2001 -3.61% 2.79%
2000 -2.35% 6.09%
1999 -2.42% 0.06%
1998 -5.31% -7.77%
1997 -2% -1.5%
1996 -3.97% -0.92%
1995 -5.09% -5.74%
1994 -7.23% -14%
1993 -6.34% -12.8%
1992 -5% -10.9%
1991 -4.4% -5.76%
1990 -0.49% -10.3%
1989 -3.35% -
1988 -0.57% -
1987 -2.12% -
1986 -2.24% -
1985 -2.39% -
1984 -6.09% -
1983 -6.04% -
1982 -6.97% -
1981 -9.97% -
1980 -11% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-02-20).

GeoRank.org/economy/madagascar/yemen | CC BY

In 2018, Madagascar's government deficit, the difference between spending and revenue, was $184M, equivalent to 1.34% of GDP. This compares to Yemen's deficit of $1.7B, or 7.85% of GDP.

Over the past 29 years, Madagascar recorded a fiscal deficit in 29 of those years, while Yemen ran a deficit in 25 years. On average, Madagascar posted an annual deficit equal to 3.18% of GDP, compared to deficit of 5.04% of GDP for Yemen.

Inflation comparison by year

Inflation
Madagascar

Yemen
1x
Year Consumer prices inflation
Madagascar Yemen
2024 - 33.9%
2023 9.87% 0.9%
2022 8.16% 29.5%
2021 5.81% 31.5%
2020 4.2% 21.7%
2019 5.61% 15.7%
2018 8.59% 33.6%
2017 8.61% 30.4%
2016 6.04% 21.3%
2015 7.4% 22%
2014 6.08% 8.2%
2013 5.83% 11%
2012 5.71% 9.9%
2011 9.48% 19.5%
2010 9.25% 11.2%
2009 8.95% 3.7%
2008 9.3% 19%
2007 10.3% 7.9%
2006 10.8% 10.8%
2005 18.4% 9.9%
2004 14% 12.5%
2003 -1.7% 10.8%
2002 16.5% 12.2%
2001 7.92% 11.9%
2000 11.9% 11%
1999 9.93% 7.9%
1998 6.21% 11.5%
1997 4.49% 4.6%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2023, retrieved 2026-04-06).

GeoRank.org/economy/madagascar/yemen | CC BY

Over the past 27 years, Madagascar has recorded an average annual inflation rate of 8.42%, compared with 14.8% in Yemen. In 2023, inflation was 9.87% in Madagascar and 33.9% in Yemen.

Top exports between countries

Madagascar
Export category Export value
Processed food, beverages & tobacco $1.25M
Raw agricultural goods $149K
Textiles & consumer goods $1K
Yemen
Export category Export value

Balance of trade

Madagascar Yemen
Current account balance
-$829M
2022
-$2.42B
2016
Current account balance ranking
119/190
2022
148/190
2016
Current account balance, % of GDP
-5.41%
2022
-7.72%
2016
Goods imports
$4.52B
2022
$6.8B
2016
Goods exports
$3.55B
2022
$473M
2016
Service imports
$1.52B
2022
$1.46B
2016
Service exports
$1.14B
2022
$466M
2016
Imports of goods and services, % of GDP
31.7%
2024
47.3%
2018
Exports of goods and services, % of GDP
23.3%
2024
8.76%
2018

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Madagascar Yemen
Economic freedom 57 53.7
Economic freedom ranking 119/197 138/197
Property rights 39.8 3.5
Government integrity 26.8 6.2
Judicial effectiveness 33.7 9.9
Tax burden 90.5 93.7
Government spending 91.5 0
Fiscal health 68.8 71.2
Business freedom 37.3 31.3
Labor freedom 56.1 31.2
Monetary freedom 71.8 48.1
Trade freedom 67.6 67.4
Investment freedom 50 50
Financial freedom 50 30

Economic freedom comparison by year

Madagascar
Yemen
1x
Year Economic freedom index
Madagascar Yemen
2026 57 -
2025 57 -
2024 57.3 -
2023 58.9 -
2022 58.9 -
2021 57.7 -
2020 60.5 -
2019 56.6 -
2018 56.8 -
2017 57.4 -
2016 61.1 -
2015 61.7 53.7
2014 61.7 55.5
2013 62 55.9
2012 62.4 55.3
2011 61.2 54.2
2010 63.2 54.4
2009 62.2 56.9
2008 62.4 53.8
2007 61.1 54.1
2006 61 52.6
2005 63.1 53.8
2004 60.9 50.5
2003 62.8 50.3
2002 56.8 48.6
2001 53.9 44.3
2000 54.4 44.5
1999 52.8 43.3
1998 51.8 46.1
1997 53.8 48.4
1996 52.2 49.6
1995 51.6 49.8

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/madagascar/yemen | CC BY

The Economic Freedom Index for Madagascar is 57, ranking 119/197, compared to 53.7 for Yemen, ranking 138/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Madagascar Yemen
Services, % of GDP
47.7%
2024
41.8%
2018
Industry, % of GDP
22.8%
2024
25.4%
2018
Agriculture, forestry, and fishing, % of GDP
22.5%
2024
28.7%
2018
GNI, Atlas method
$16.4B
2024
$25.3B
2018
GNI per capita, PPP
$1,830
2024
$3,020
2013
Total reserves including gold
$2.78B
2024
$1.25B
2022
Total reserves ranking
120/177
2024
139/177
2022
Net foreign direct investment
-$326M
2022
$15.4M
2015
Net inflows of foreign direct investment
$606M
2024
-$371M
2019
Net outflows of foreign direct investment
$134M
2024
$0
2024
Servicing debt to the IMF, % of GNI
1.72%
2024
0.53%
2018
Poverty at national poverty lines
75.2%
2021
48.6%
2014
Gross capital formation, % of GDP
22.2%
2024
6.18%
2018

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/madagascar/yemen | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1980–1998, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2020–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.